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Oct 8, 2015

PM Barrow Will Write-Off B.T.L. Debt If U.D.P. Wins

Dean Barrow

Today, members of the private and public sectors converged on the city for the Prime Minister’s business forum at the Biltmore Plaza. We’ll have a comprehensive look at that event in a later newscast. But tonight, we have what the Prime Minister Dean Barrow says was his last media interview before elections. There are a number of hot button issues which will certainly impact the general elections, and he touched most of them, including the recent and controversial settlement with the Ashcroft Group over B.T.L.  There’s been opposition to the terms of that agreement, and we’re guessing that a revelation made by the PM during his interview will only churn up those already muddy waters. Barrow has decided, if the U.D.P. is victorious at the polls, to write off a significant portion of payments made by G.O.B. to BCB Holdings on behalf of B.T.L.  We’re talking close to fifty million dollars, but the PM says he has no difficulty with it.


Prime Minister Dean Barrow

“The forty-eight million is what we have had to borrow, and therefore Telemedia must be liable for the servicing of the Treasury notes and ultimately the repayment of the principal, the face value of the Treasury notes. But the rest of the money – nineteen million came from Petrocaribe, ten million came from B.T.L. – they up-fronted that from their own resources. A small portion came from what was left over from the proceeds of the sale of shares. Remember we paid the Ashcroft Alliance at the Nera value as a down-payment of the compensation – hopefully it will be an end-payment but if the tribunal says otherwise it will be a down-payment – and we took that out of what we had obtained when we sold shares after the acquisition at five dollars a share. There was a balance after we took out the amount to pay down on the compensation – about four or five million so we used that. Then the rest of it came from the dividends which we had already collected from B.T.L., but which had been frozen by the CCJ. With the falling away of the claim that money became available to us, so we did not have to go borrow anything other than the forty-eight. We did not have to go search for the additional payments. They were already there.”

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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1 Response for “PM Barrow Will Write-Off B.T.L. Debt If U.D.P. Wins”

  1. Marie says:

    PM can use the money to build houses for the unfortunate in each town using a lottery system, not just because they will vote UDP, unless he will use his money.

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